Elan Group buys 40 acre land for Rs 580 cr from Indiabulls

In a major land deal, Elan Group has acquired approximately a 40 acre plot worth Rs 580 crore in Gurugram from Indiabulls Real Estate. The land will be used for housing and commercial projects.

The land is located on Dwarka Expressway. With this purchase, Elan Group will enter the residential sector with a total development potential of 5 million square feet.

Elan Group has completed by far three commercial projects, including offices and shops. It is currently building five commercial projects.

According to sources, the company has purchased approximately 40 hectares of licensed plots. Of which 30 hectares are reserved for residential areas and 10 hectares for commercial development.

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